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Consolidated Corporation had the following information: Revenues $250,000 Cost of goods sold: Direct materials $50,000 Direct labor 37,500 Overhead 62,500 150,000 Gross profit $100,000 Selling
Consolidated Corporation had the following information: Revenues $250,000 Cost of goods sold: Direct materials $50,000 Direct labor 37,500 Overhead 62,500 150,000 Gross profit $100,000 Selling and administrative expenses 37,500 Operating income $62,500 What would be the price for a product that has a cost of $500, assuming that the markup is based on cost of goods sold?
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